The global fossil fuel bill could be cut by more than €2 trillion (£1.48tn) if we stopped wasting energy.
That’s according to a new study commissioned by Philips, which says 98% of all energy produced globally is wasted through inefficiency, writes Energy Live News.
The 2015 Energy Productivity and Economic Prosperity Index report urges policy makers to set more ambitious targets to improve energy productivity. Energy productivity is defined as the volume of services or products that can be generated per unit of energy.
It also shows that high levels of energy efficiency will contribute to global economic growth.
Doubling productivity could create more than six million jobs globally by 2020, said the report. To achieve this the biggest economies need to do more.